Finery Markets Participates in ClearToken PoC
Posted by Colin Lambert. Last updated: September 27, 2023
Crypto infrastructure provider Finery Markets says it has participated in a successful proof of concept (PoC) by ClearToken, aimed at establishing a global clearing house for the digital asset age.
The PoC involved over 60 industry stakeholders from digital assets and traditional finance to demonstrate the viability of centralised clearing for cryptocurrencies sourced from multiple platforms. It aimed to address the primary issues inhibiting the development of digital asset markets, such as clearing and settlement, pre-funding and counterparty credit risks.
By participating in ClearToken’s PoC, Finery Markets says it validated the importance of clearing and settlement services in reducing systemic and counterparty risks for market participants with complex exposures across various venues and instrument types.
“By partnering with industry-leading players, we believe that we can overcome the existing barriers and pave the way for the future of digital asset markets,” says Konstantin Shulga, CEO and co-founder at Finery Markets. “Finery Markets remains committed to working closely with ClearToken and other market stakeholders to establish a robust and globally recognised clearing house for digital assets.”
Benjamin Santos-Stephens, CEO of ClearToken, adds, “We are addressing the primary clearing and settlement obstacles hindering the growth of digital asset markets. By collaborating with infrastructure providers such as Finery Markets and leveraging the UK’s firm legal framework, we are striving to create a clearing solution with round-the-clock support for trading and settlement.”